-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A9_Other cultural traits.log
  log type:  text
 opened on:  18 Feb 2026, 23:52:09

. 
. //PREPARE DATA
. use "Baseline CEO firm year sample.dta", clear

. * set globals
. global firm = "firmage firmage2"

. global ceo = "gender age age2 yrinco i.education"

. global culture = "highincome_sd getahead_sd risktakinggps_sd patiencegps_sd"

. global sample = "year < 2012 & !nonUS"

. global cluster = "mainethcode"

. 
. 
. //PREPARE TABLE
. * PANEL A: Main results
. eststo clear

. eststo col1: /// high-income share
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} highincome_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      17.45
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0024
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                            (Std. err. adjusted for 38 clusters in mainethcode)
-------------------------------------------------------------------------------
              |               Robust
 ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
     trust_sd |   .0670225   .0165408     4.05   0.000     .0335075    .1005374
      firmage |  -.0110546   .0019185    -5.76   0.000    -.0149418   -.0071674
     firmage2 |   .0001162   .0000492     2.36   0.024     .0000164     .000216
       gender |   -.013928    .032469    -0.43   0.670    -.0797164    .0518605
          age |  -.0012158    .010305    -0.12   0.907    -.0220958    .0196641
         age2 |  -5.93e-06   .0000845    -0.07   0.944    -.0001772    .0001653
       yrinco |   .0040737   .0005653     7.21   0.000     .0029283    .0052191
              |
    education |
           2  |   .0414267   .0477332     0.87   0.391    -.0552899    .1381433
           3  |   .0587197   .0332894     1.76   0.086    -.0087311    .1261705
           4  |   .0805735   .0417302     1.93   0.061      -.00398    .1651269
              |
highincome_sd |    .041366   .0152876     2.71   0.010     .0103903    .0723416
        _cons |   .5441202   .3268974     1.66   0.104    -.1182369    1.206477
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col2: /// work ethic
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} getahead_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      16.83
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0567207   .0173861     3.26   0.002     .0214932    .0919482
     firmage |  -.0111742   .0019366    -5.77   0.000     -.015098   -.0072503
    firmage2 |    .000116   .0000494     2.35   0.024     .0000159    .0002162
      gender |  -.0117268   .0330326    -0.36   0.725    -.0786572    .0552035
         age |  -.0013708   .0104575    -0.13   0.896    -.0225598    .0198182
        age2 |  -4.78e-06    .000086    -0.06   0.956    -.0001791    .0001695
      yrinco |   .0040565   .0005475     7.41   0.000     .0029471    .0051659
             |
   education |
          2  |   .0441731   .0481238     0.92   0.365     -.053335    .1416811
          3  |   .0596577   .0332731     1.79   0.081      -.00776    .1270753
          4  |   .0853199   .0412488     2.07   0.046     .0017418     .168898
             |
 getahead_sd |   .0196568   .0206199     0.95   0.347    -.0221231    .0614367
       _cons |   .6889864   .2554597     2.70   0.010     .1713758    1.206597
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col3: /// risk preference
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} risktakinggps_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      20.86
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .0569161   .0172346     3.30   0.002     .0219956    .0918366
         firmage |  -.0109348   .0019366    -5.65   0.000    -.0148586   -.0070109
        firmage2 |   .0001158   .0000491     2.36   0.024     .0000163    .0002153
          gender |  -.0131239   .0338395    -0.39   0.700    -.0816892    .0554415
             age |  -.0012488   .0102939    -0.12   0.904    -.0221061    .0196085
            age2 |  -5.66e-06   .0000846    -0.07   0.947    -.0001771    .0001658
          yrinco |   .0040776   .0005487     7.43   0.000     .0029658    .0051893
                 |
       education |
              2  |   .0439225   .0473657     0.93   0.360    -.0520494    .1398944
              3  |   .0599608   .0330781     1.81   0.078    -.0070618    .1269834
              4  |   .0850384    .040415     2.10   0.042     .0031497     .166927
                 |
risktakinggps_sd |   .0135799   .0178134     0.76   0.451    -.0225135    .0496734
           _cons |   .8368106   .3116105     2.69   0.011     .2054278    1.468193
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col4: /// patience
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} patiencegps_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      26.64
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                             (Std. err. adjusted for 38 clusters in mainethcode)
--------------------------------------------------------------------------------
               |               Robust
  ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
      trust_sd |    .062519   .0214486     2.91   0.006     .0190599     .105978
       firmage |  -.0109644   .0019068    -5.75   0.000    -.0148279   -.0071008
      firmage2 |    .000116    .000049     2.37   0.023     .0000167    .0002153
        gender |   -.011872   .0331505    -0.36   0.722    -.0790412    .0552972
           age |  -.0012096   .0103942    -0.12   0.908    -.0222703    .0198511
          age2 |  -6.14e-06   .0000853    -0.07   0.943    -.0001789    .0001666
        yrinco |   .0040658   .0005533     7.35   0.000     .0029448    .0051868
               |
     education |
            2  |   .0425843   .0480759     0.89   0.381    -.0548268    .1399953
            3  |   .0591878   .0332716     1.78   0.083    -.0082269    .1266024
            4  |   .0836609   .0415081     2.02   0.051    -.0004425    .1677642
               |
patiencegps_sd |  -.0007428   .0192822    -0.04   0.969    -.0398122    .0383265
         _cons |   .8143339   .3266737     2.49   0.017       .15243    1.476238
--------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col5: /// all cultural trait controls
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} ${culture} ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  14,     37) =      14.16
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0026
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .0535951   .0230369     2.33   0.026      .006918    .1002723
         firmage |  -.0114257   .0021058    -5.43   0.000    -.0156924    -.007159
        firmage2 |   .0001162   .0000493     2.36   0.024     .0000163    .0002161
          gender |  -.0153099   .0330532    -0.46   0.646     -.082282    .0516622
             age |  -.0015353   .0105177    -0.15   0.885    -.0228462    .0197757
            age2 |  -3.11e-06   .0000864    -0.04   0.972    -.0001783     .000172
          yrinco |   .0040697     .00057     7.14   0.000     .0029148    .0052246
                 |
       education |
              2  |    .044679   .0472237     0.95   0.350    -.0510053    .1403632
              3  |   .0598988    .033015     1.81   0.078     -.006996    .1267936
              4  |   .0833378   .0412954     2.02   0.051    -.0003347    .1670102
                 |
   highincome_sd |    .056645   .0265628     2.13   0.040     .0028237    .1104663
     getahead_sd |   .0324636    .019856     1.63   0.111    -.0077684    .0726956
risktakinggps_sd |    .009276   .0177359     0.52   0.604    -.0266603    .0452123
  patiencegps_sd |   .0039886   .0227563     0.18   0.862      -.04212    .0500971
           _cons |   .2593156   .3260705     0.80   0.432     -.401366    .9199973
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col6: /// all cultural trait controls & GDP growth
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} ${culture} GDPgr ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  15,     37) =      17.52
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0026
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                               (Std. err. adjusted for 38 clusters in mainethcode)
----------------------------------------------------------------------------------
                 |               Robust
    ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------+----------------------------------------------------------------
        trust_sd |   .0506029   .0221397     2.29   0.028     .0057436    .0954622
         firmage |  -.0112214   .0021215    -5.29   0.000    -.0155201   -.0069228
        firmage2 |   .0001164   .0000491     2.37   0.023      .000017    .0002158
          gender |  -.0155488   .0330702    -0.47   0.641    -.0825554    .0514578
             age |  -.0013512   .0104816    -0.13   0.898     -.022589    .0198866
            age2 |  -4.87e-06   .0000861    -0.06   0.955    -.0001793    .0001695
          yrinco |   .0040617   .0005678     7.15   0.000     .0029113    .0052121
                 |
       education |
              2  |   .0439694   .0474133     0.93   0.360     -.052099    .1400378
              3  |   .0591973     .03291     1.80   0.080    -.0074848    .1258793
              4  |   .0823093   .0414691     1.98   0.055    -.0017152    .1663337
                 |
   highincome_sd |   .0511219   .0279336     1.83   0.075     -.005477    .1077208
     getahead_sd |   .0332956   .0199858     1.67   0.104    -.0071995    .0737906
risktakinggps_sd |   .0086983    .017821     0.49   0.628    -.0274105     .044807
  patiencegps_sd |   .0073309   .0221193     0.33   0.742    -.0374871     .052149
           GDPgr |   .0034789   .0021556     1.61   0.115    -.0008888    .0078466
           _cons |   .2801134   .3340916     0.84   0.407    -.3968204    .9570472
----------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. 
. esttab /*using "Table A9_Other cultural traits_Panel A.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(27) modelwidth(12) ///
>         mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(trust_sd ${culture} GDPgr) order(trust_sd ${culture} GDPgr) ///
>         coeflab(trust_sd "CEO's trust" ///
>                         highincome_sd "High-income share (z-score)" ///
>                         getahead_sd "Work ethic (z-score)" ///
>                         risktakinggps_sd "Risk preference (z-score)" ///
>                         patiencegps_sd "Patience (z-score)" ///
>                         GDPgr "GDP growth (\%)" ///
>                         logustradevol "ln(US trade volume)") ///
>         stats(FE controls N nofirms, fmt(%9.0fc %9.0fc) ///
>                 lab("Firm \& Year FEs" "Baseline controls" "Observations" "Firms"))

---------------------------------------------------------------------------------------------------------------------------
                            \multicolumn{6}{c}{arsinh(Future patent applications)}                                         
                                     (1)             (2)             (3)             (4)             (5)             (6)   
---------------------------------------------------------------------------------------------------------------------------
CEO's trust                        0.067***        0.057***        0.057***        0.063***        0.054**         0.051** 
                                 (0.017)         (0.017)         (0.017)         (0.021)         (0.023)         (0.022)   
High-income share (z-score)        0.041**                                                         0.057**         0.051*  
                                 (0.015)                                                         (0.027)         (0.028)   
Work ethic (z-score)                               0.020                                           0.032           0.033   
                                                 (0.021)                                         (0.020)         (0.020)   
Risk preference (z-score)                                          0.014                           0.009           0.009   
                                                                 (0.018)                         (0.018)         (0.018)   
Patience (z-score)                                                                -0.001           0.004           0.007   
                                                                                 (0.019)         (0.023)         (0.022)   
GDP growth (\%)                                                                                                    0.003   
                                                                                                                 (0.002)   
---------------------------------------------------------------------------------------------------------------------------
Firm \& Year FEs                       X               X               X               X               X               X   
Baseline controls                      X               X               X               X               X               X   
Observations                      29,384          29,384          29,384          29,384          29,384          29,384   
Firms                              3,598           3,598           3,598           3,598           3,598           3,598   
---------------------------------------------------------------------------------------------------------------------------

. 
. 
. * PANEL B: Other measures of other cultural traits
. eststo clear

. eststo col1: /// occupation prestige
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} prestg_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      22.77
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0588861   .0184366     3.19   0.003       .02153    .0962423
     firmage |  -.0109636   .0018914    -5.80   0.000    -.0147959   -.0071313
    firmage2 |   .0001156   .0000493     2.34   0.025     .0000157    .0002155
      gender |   -.012321    .032745    -0.38   0.709    -.0786687    .0540267
         age |  -.0009851    .010489    -0.09   0.926    -.0222378    .0202676
        age2 |  -8.34e-06   .0000864    -0.10   0.924    -.0001833    .0001667
      yrinco |   .0040564   .0005609     7.23   0.000       .00292    .0051928
             |
   education |
          2  |   .0419792   .0476279     0.88   0.384    -.0545241    .1384825
          3  |   .0587504    .032995     1.78   0.083    -.0081038    .1256046
          4  |   .0815756   .0400971     2.03   0.049     .0003312      .16282
             |
   prestg_sd |   .0128488   .0155456     0.83   0.414    -.0186496    .0443472
       _cons |   .6164795   .4818118     1.28   0.209     -.359764    1.592723
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col2: /// average school years
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} educyrs ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      21.09
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0597591   .0179387     3.33   0.002     .0234118    .0961063
     firmage |  -.0109785   .0019024    -5.77   0.000    -.0148332   -.0071238
    firmage2 |   .0001157   .0000493     2.35   0.024     .0000158    .0002156
      gender |  -.0122584    .032779    -0.37   0.711     -.078675    .0541582
         age |  -.0010611   .0104432    -0.10   0.920    -.0222211    .0200989
        age2 |  -7.55e-06   .0000859    -0.09   0.930    -.0001816    .0001665
      yrinco |   .0040575   .0005606     7.24   0.000     .0029216    .0051934
             |
   education |
          2  |   .0418321   .0475492     0.88   0.385    -.0545118    .1381759
          3  |   .0587087   .0330624     1.78   0.084    -.0082821    .1256996
          4  |   .0817604   .0403783     2.02   0.050    -.0000538    .1635745
             |
     educyrs |     .01149    .015208     0.76   0.455    -.0193243    .0423043
       _cons |    .672463   .4434207     1.52   0.138    -.2259927    1.570919
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col3: /// college graduate share
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} coldeg ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      20.55
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0620437    .016427     3.78   0.001     .0287595    .0953279
     firmage |  -.0109686   .0018945    -5.79   0.000    -.0148073     -.00713
    firmage2 |   .0001158   .0000493     2.35   0.024      .000016    .0002156
      gender |  -.0120279   .0329609    -0.36   0.717    -.0788131    .0547572
         age |  -.0010825   .0104552    -0.10   0.918    -.0222667    .0201017
        age2 |  -7.33e-06    .000086    -0.09   0.933    -.0001816    .0001669
      yrinco |   .0040594   .0005581     7.27   0.000     .0029285    .0051903
             |
   education |
          2  |   .0421566   .0476108     0.89   0.382     -.054312    .1386251
          3  |   .0589065   .0330601     1.78   0.083    -.0080796    .1258926
          4  |   .0823675   .0401509     2.05   0.047     .0010141    .1637209
             |
      coldeg |   .0531566   .1006246     0.53   0.600    -.1507283    .2570414
       _cons |   .7991952      .3146     2.54   0.015     .1617552    1.436635
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col4: /// Protestant share
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} protestant ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      26.25
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0462647   .0214069     2.16   0.037     .0028903    .0896391
     firmage |  -.0112229   .0019488    -5.76   0.000    -.0151714   -.0072743
    firmage2 |   .0001155   .0000492     2.34   0.025     .0000157    .0002152
      gender |  -.0121406   .0333474    -0.36   0.718    -.0797088    .0554276
         age |  -.0013116   .0103437    -0.13   0.900    -.0222699    .0196467
        age2 |  -5.39e-06   .0000849    -0.06   0.950    -.0001775    .0001667
      yrinco |   .0040586   .0005411     7.50   0.000     .0029623    .0051549
             |
   education |
          2  |   .0432109   .0482526     0.90   0.376    -.0545583      .14098
          3  |    .059176   .0334206     1.77   0.085    -.0085406    .1268926
          4  |   .0845138   .0412949     2.05   0.048     .0008424    .1681852
             |
  protestant |   .0493925   .0520335     0.95   0.349    -.0560374    .1548224
       _cons |   .8795497   .3305953     2.66   0.011        .2097    1.549399
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col5: /// confidence in science
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} consci_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      27.96
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5427

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0609769   .0166633     3.66   0.001     .0272139    .0947399
     firmage |  -.0108385   .0019653    -5.51   0.000    -.0148205   -.0068564
    firmage2 |   .0001159   .0000493     2.35   0.024     .0000159    .0002158
      gender |  -.0123943   .0328246    -0.38   0.708    -.0789033    .0541148
         age |  -.0011173   .0103839    -0.11   0.915     -.022157    .0199225
        age2 |  -6.79e-06   .0000852    -0.08   0.937    -.0001794    .0001658
      yrinco |   .0040593   .0005559     7.30   0.000      .002933    .0051856
             |
   education |
          2  |   .0423258   .0482082     0.88   0.386    -.0553533     .140005
          3  |   .0588689   .0335182     1.76   0.087    -.0090454    .1267833
          4  |   .0826198   .0423997     1.95   0.059    -.0032901    .1685298
             |
   consci_sd |   .0153788   .0320365     0.48   0.634    -.0495334    .0802909
       _cons |   .7408776   .3712256     2.00   0.053    -.0112968    1.493052
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col6: /// confidence in Congress, Federal Government, Supreme Court
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} conleg_sd confed_sd conjud_sd ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  13,     37) =      11.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0025
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0829955   .0207366     4.00   0.000     .0409793    .1250118
     firmage |  -.0115973   .0022596    -5.13   0.000    -.0161757   -.0070189
    firmage2 |   .0001158   .0000499     2.32   0.026     .0000147    .0002169
      gender |  -.0098394     .03314    -0.30   0.768    -.0769875    .0573087
         age |  -.0018043    .010607    -0.17   0.866    -.0232961    .0196875
        age2 |  -7.72e-07   .0000874    -0.01   0.993    -.0001779    .0001763
      yrinco |   .0040804   .0005889     6.93   0.000     .0028873    .0052736
             |
   education |
          2  |   .0478059   .0488389     0.98   0.334    -.0511511    .1467629
          3  |   .0619635   .0337277     1.84   0.074    -.0063753    .1303024
          4  |   .0859672    .042311     2.03   0.049      .000237    .1716973
             |
   conleg_sd |     .04494   .0221482     2.03   0.050     .0000636    .0898165
   confed_sd |  -.0354404   .0336064    -1.05   0.298    -.1035334    .0326525
   conjud_sd |   .0189819   .0240609     0.79   0.435    -.0297702     .067734
       _cons |   .6271565    .337332     1.86   0.071     -.056343    1.310656
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

.                 
. global coeflist = "trust_sd prestg_sd educyrs coldeg protestant consci_sd conleg_sd confed_sd conjud_sd"

. esttab /*using "Table A9_Other cultural traits_Panel B.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(37) modelwidth(12) ///
>         mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(${coeflist}) order(${coeflist}) ///
>         coeflab(trust_sd "CEO's trust (baseline)" ///
>                         prestg_sd "Occupation prestige (z-score)" ///
>                         educyrs "Average schooling years" ///
>                         coldeg "College graduates (share)" ///
>                         protestant "Protestants (share)" ///
>                         consci_sd "Confidence in science (z-score)" ///
>                         conleg_sd "Confidence in Congress (z-score)" ///
>                         confed_sd "Confidence in Federal Govt. (z-score)" ///
>                         conjud_sd "Confidence in Supreme Court (z-score)") ///
>         stats(FE controls N nofirms, fmt(%9.0fc %9.0fc) ///
>                 lab("Firm \& Year FEs" "Baseline controls" "Observations" "Firms"))

-------------------------------------------------------------------------------------------------------------------------------------
                                      \multicolumn{6}{c}{arsinh(Future patent applications)}                                         
                                               (1)             (2)             (3)             (4)             (5)             (6)   
-------------------------------------------------------------------------------------------------------------------------------------
CEO's trust (baseline)                       0.059***        0.060***        0.062***        0.046**         0.061***        0.083***
                                           (0.018)         (0.018)         (0.016)         (0.021)         (0.017)         (0.021)   
Occupation prestige (z-score)                0.013                                                                                   
                                           (0.016)                                                                                   
Average schooling years                                      0.011                                                                   
                                                           (0.015)                                                                   
College graduates (share)                                                    0.053                                                   
                                                                           (0.101)                                                   
Protestants (share)                                                                          0.049                                   
                                                                                           (0.052)                                   
Confidence in science (z-score)                                                                              0.015                   
                                                                                                           (0.032)                   
Confidence in Congress (z-score)                                                                                             0.045** 
                                                                                                                           (0.022)   
Confidence in Federal Govt. (z-score)                                                                                       -0.035   
                                                                                                                           (0.034)   
Confidence in Supreme Court (z-score)                                                                                        0.019   
                                                                                                                           (0.024)   
-------------------------------------------------------------------------------------------------------------------------------------
Firm \& Year FEs                                 X               X               X               X               X               X   
Baseline controls                                X               X               X               X               X               X   
Observations                                29,384          29,384          29,384          29,384          29,384          29,384   
Firms                                        3,598           3,598           3,598           3,598           3,598           3,598   
-------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
